Trading Challenge : My journey from 1.5Lakh to 6Lakh in 5months

#31
Date = 14 may 2018

First trade was on AXISBANK, as it broke above a sideways range. The slight gap down during open gave the pullback, and strong bullish candle shows buying. I entered long above 1st 5m candle high. Bullish sentiment got weak, and the trade did not perform, Had to scratch and exit.





2nd trade was also on AXISBANK. After the 1st LONG failed price corrected to EMA where I attempted to enter LONG again. and this too failed and I exited at loss. This trade was a mistake as I failed to confirm the price action from HTF, 30m chart. The 1st upleg was showing a clear sign of weakening bullish sentiment. And no strong buying was seen in the pullback, so should not have picked this trade.





Trade 3 was on TATASTEEL, which was in an uptrend. A new swing high was made after some deeper corection in past session. I attempted a LONG on the next pullback to EMA. The trade did not work and I had to exit. Here also I failed to notice the HTF and the trade should have been a no trade too. I had taken a moderate risk here after the earlier two losses.






I committed some serious blunders today and failed to perform as per my rules. Equity is down by more than 2%.
Tomorrow I have to trade on reduced risk to stay in the game as per the loss management system.



==============
Sometimes all you need is to slow down to race forwards..
Even a tiger steps backward before it pounces on its prey.

Practice, Practice, Practice...
Knowledge learned has no value unless it is put into practice..
Do it over and over again until it becomes a part of who you are..
I just you add daily pivots to your system.

Tatasteel bounced from its daily pivot on the first and second 5 minute candle and reached R1. most of the day it loitered around that.
You could use pivots to check price reactions.Also would suggest you to mark previous day's HLC.

On Friday Tatasteel bounced from Thursdays lows and had a nice rally.
 

newtrader101

Well-Known Member
#32
Swagat,

That you are writing your trades here is a great thing, others will offer their reviews. Immensely helpful. I am sure this will have a positive effect.
 

pannet1

Well-Known Member
#33
I just you add daily pivots to your system.

Tatasteel bounced from its daily pivot on the first and second 5 minute candle and reached R1. most of the day it loitered around that.
You could use pivots to check price reactions.Also would suggest you to mark previous day's HLC.

On Friday Tatasteel bounced from Thursdays lows and had a nice rally.
Please refer to your first chart of AXISBANK. if you had entered immediately after the yesterday's high and could have off loaded half of the position on the 3rd bullish bar (because its small and could be read as weakness). Exiting half when in profit has done some good for me. of course, you will have a reduced profit when the trade is running your way. But it also gives the guts to be in the trade till the trend is reversed.

just my few paise.
 

SwagatN

Well-Known Member
#34
Date : 15 may 2018

Attempted SHORT on reliance after a sudden strong upmove, but which failed to continue the momentum, and trend reversed. This was a counter trend trade. So trade was taken on reduced risk. Also due to yesterday's loss risk was minimized further. Exit was early and pre-mature. RELIANCE gave a very good fall afterwards. Mistake is analysed, and lesson learned.






2nd trade was on YESBANK, where it presented a similar setup like RELIANCE. Price struggled near previous day high and trend failed to move higher. Here too exit was done pre maturely (Same concept was applied like RELIANCE and exited). This too went on to give a very nice trade.





Overall, just two trades for today, It was difficult to focus after I exited and the trades kept moving in favour. So just stayed away as with a turbulent mind decision should not be taken. Both the trades were caught correctly, just failed in trade management part and exited early. Minor profit day. Some of the loss of yesterday are recovered.



==========================================
When you try to achieve something big, the hard work is not the goal itself.
Real hard work is to continue your work after the initial setbacks... NEVER GIVE UP..
The hard work starts now..

Its all about being better than what you were yesterday. And there is no challenge more challenging than the challenge to improve yourself.
 

Subhadip

Well-Known Member
#35
Thank you all for the suggestions and inputs. Yes, I should have given more details. So here is more on the challenge...

Objective : To make 300% return in 5 months. Current trading capital is 1.5L, Profit target = 4.5L, Total trading capital at the end of the challenge should be 6L

Duration : 14 May to 30 Sep 2018

Instruments : NIFTY 50 stocks. I have selected 15 most suitable stocks from NIFTY 50 and am going to stick to them for this 5 months.

Trading Style : Intraday Trading.

Trading Strategy : Trend following strategy. Trade long on lower timeframe when higher timeframe is in uptrend and avoid shorting in such market. Trade SHORT on lower timeframe when higher timeframe is in downtrend and avoid shorting in such market. In case of higher timeframe sideways range trade the support resistance on lower timeframe. But I would try the best to avoid trading such setup and my primary focus will be to look for stock which is trending.

Risk Management : Maximum risk per trade for 1st month = 1% of trading capital. I will take lower risk than this based upon the trade setup and after evaluating the situation. But maximum trade risk is 1% for first month. Maximum loss that I am willing to take for this challenge is 15% of my trade capital. If I hit 15% i.e. 22.5K then the challenge is over.

What more info do I need to give ??
Good job... Best of Luck bro
 

Subhadip

Well-Known Member
#36
Date : 15 may 2018

Attempted SHORT on reliance after a sudden strong upmove, but which failed to continue the momentum, and trend reversed. This was a counter trend trade. So trade was taken on reduced risk. Also due to yesterday's loss risk was minimized further. Exit was early and pre-mature. RELIANCE gave a very good fall afterwards. Mistake is analysed, and lesson learned.






2nd trade was on YESBANK, where it presented a similar setup like RELIANCE. Price struggled near previous day high and trend failed to move higher. Here too exit was done pre maturely (Same concept was applied like RELIANCE and exited). This too went on to give a very nice trade.





Overall, just two trades for today, It was difficult to focus after I exited and the trades kept moving in favour. So just stayed away as with a turbulent mind decision should not be taken. Both the trades were caught correctly, just failed in trade management part and exited early. Minor profit day. Some of the loss of yesterday are recovered.



==========================================
When you try to achieve something big, the hard work is not the goal itself.
Real hard work is to continue your work after the initial setbacks... NEVER GIVE UP..
The hard work starts now..

Its all about being better than what you were yesterday. And there is no challenge more challenging than the challenge to improve yourself.
At last found some one who do belief that only one SMA or EMA along with price is sufficient..
 

Tuna

Listen and act, don't ask it, it doesn't oblige
#37
At last found some one who do belief that only one SMA or EMA along with price is sufficient..
LoL.. Still having hangover of your sweet chit-chat with the famous OBV trader who is no more on this forum? When it comes to trading, if someone master your Pivot style, may be SMA and EMAs are also not needed.

Anyways (unsolicited advice), I trade by what Kim and Trump saying or doing.
 

imfine

Well-Known Member
#38
Objective : Make 4.5L (300%) profit from 1.5L trading capital by Sep 2018

My trading capital = 1.5L
Target = 6L i.e. 300% return
Start Time = 14 May 2018
End time = 30 Sep 2018

Trading Mode = Strictly Intraday
Trading Instrument = NIFTY 50 CASH
All the best. Surely its achiveable and you can achieve it. Do it peristently. And keep us updated
 

TraderGYO

Well-Known Member
#39
Date : 15 may 2018

Attempted SHORT on reliance after a sudden strong upmove, but which failed to continue the momentum, and trend reversed. This was a counter trend trade. So trade was taken on reduced risk. Also due to yesterday's loss risk was minimized further. Exit was early and pre-mature. RELIANCE gave a very good fall afterwards. Mistake is analysed, and lesson learned.






2nd trade was on YESBANK, where it presented a similar setup like RELIANCE. Price struggled near previous day high and trend failed to move higher. Here too exit was done pre maturely (Same concept was applied like RELIANCE and exited). This too went on to give a very nice trade.





Overall, just two trades for today, It was difficult to focus after I exited and the trades kept moving in favour. So just stayed away as with a turbulent mind decision should not be taken. Both the trades were caught correctly, just failed in trade management part and exited early. Minor profit day. Some of the loss of yesterday are recovered.



==========================================
When you try to achieve something big, the hard work is not the goal itself.
Real hard work is to continue your work after the initial setbacks... NEVER GIVE UP..
The hard work starts now..

Its all about being better than what you were yesterday. And there is no challenge more challenging than the challenge to improve yourself.
Work on the risk to reward ratio. you trade low probability trades, try to go for at least two times you risk.
 

pannet1

Well-Known Member
#40
Date : 15 may 2018

Attempted SHORT on reliance after a sudden strong upmove, but which failed to continue the momentum, and trend reversed. This was a counter trend trade. So trade was taken on reduced risk. Also due to yesterday's loss risk was minimized further. Exit was early and pre-mature. RELIANCE gave a very good fall afterwards. Mistake is analysed, and lesson learned.






2nd trade was on YESBANK, where it presented a similar setup like RELIANCE. Price struggled near previous day high and trend failed to move higher. Here too exit was done pre maturely (Same concept was applied like RELIANCE and exited). This too went on to give a very nice trade.





Overall, just two trades for today, It was difficult to focus after I exited and the trades kept moving in favour. So just stayed away as with a turbulent mind decision should not be taken. Both the trades were caught correctly, just failed in trade management part and exited early. Minor profit day. Some of the loss of yesterday are recovered.



==========================================
When you try to achieve something big, the hard work is not the goal itself.
Real hard work is to continue your work after the initial setbacks... NEVER GIVE UP..
The hard work starts now..

Its all about being better than what you were yesterday. And there is no challenge more challenging than the challenge to improve yourself.
Excellent entry on YESBANK. With a loosing day under the beld, its difficult to ride the trend on the next day. Thats why taking major chunk of the profit in your exit and leaving the rest to run have two advantages.

1) you have the satisfaction that you rid the trend till the end.
2) you maximize the profit without risking the entire amount (of the original SL).

Please the think about it.
 

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